Thursday, November 6, 2008
Veoh Cuts 20 Percent
Los Angeles- and San Diego-based Veoh, an online video sharing site, has laid off 20 people, or roughly 18-20 percent of the firm's employees. A spokesperson for Veoh told socalTECH that the changes affected every group in the firm, and was because the firm wanted to make smart choices early on in the game given a possible internet advertising slowdown. Veoh said that the firm, although doing well financially, could not predict how soft the online advertising market will become, given the economic challenges of today. The layoffs occurred yesterday, when employees were notified of the move. The spokesperson added that the firm has cash in the bank, is generating revenues, and growing those revenues 20% month over month. The firm continues to have operations in Los Angeles and San Diego. The news was first reported by Paidcontent.